BUS104 Review

Chapter 11 cont'd

1. Implementing the production plan- (a) decide whether to make product, buy or lease product from an outside supplier. (b) selecting the best vendors to fit your needs while comparing quality, price, dependability and services offered by companies. (c) inventory control. (d) knowing how much to produce.
   
2. People in Production-line compliment is the # of people necessary to carry about production.
   
3. The engineer/time study man decides the number of workers on a line.
   
4. The start of production usually begins with cheap labor.
   
5. Flexible Manufacturing System (FMS) refers to a facility that can be modified to manufacture different products. eg different types of liquor.
   
6. Planning-Routing-Scheduling-Dispatching-Follow up are steps in the production control system.
   
7. Quality control measures output against quality standards.

Chapter 12

1. Marketing is the process of planning & executing the conception, distribution, promotion and pricing of a good/service.
   
2. Utility is the want satisfying power of a good.
   
3. Types of utility-form (conversion of raw materials into finished goods), time (making good/service available when customer wants), place (convenient location for customers) and ownership (transfer of good from seller to buyer).
   
4. A marketing concept refers to consumer orientation to promote the success of a good/service and varies from company to company.
   
5. There are different types of marketing: non-profit marketing, nontraditional marketing, person marketing, place marketing, cause marketing, event marketing and organization marketing.
   
6. Person and place marketing can occur together.
   
7. Target marketing is marketing a good/service toward a specific group of people.
   
8. Marketing Mix is making use of all four elements to satisfy chosen customer segments.
   
9. Marketing Research uses available information to support marketing decision making.
   
10. Some reasons for marketing research are to identify problems and opportunities, analyze the competition, evaluate/ predict consumer behavior, monitor existing products/ assess the potential for new ones, develop price/promotion/distribution method.
    
11. Data mining.
    
12. Dividing a total market into several homogeneous groups is known as Market Segmentation.
    
13. Criterion for market segmentation are must be a measurable group, must be accessible for communications.
    
14. Different types of segmentation are- geographical (by population), demographic (by age, income, gender), psycho graphic (by values, lifestyles), product-related (by relationship to good/service).
    
15. Buyer behavior.
    
16. Consumer behavior.